Retired Businessman Writes Will To Donate S$20M To Charity After He Passes
Money’s certainly very good to have in life, but everyone passes into death with the same amount. That philosophy influenced a retiree in Singapore who plans to donate his entire fortune to charity.
Mr Loh Kiong Poot, a 79-year-old former successful businessman, intends to donate all S$20 million he has to 10 charities upon his passing.
He had dictated this in his will when he was 50, as one last charitable act for the local philanthropist, who believes that his three children and wife possess enough assets to live an independent life.
Source: 8world News
Accumulated enough to retire at 47 years old
A successful, self-made businessman, Mr Loh ran away from home at just 14 years old, working numerous odd jobs and living off S$20 a month, reported The Straits Times (ST).
He eventually started his own business at 30 and accumulated a fortune of S$10 million in 17 years before retiring at 47 years old in 1990.
Source: 8world News
While 47 is a young age for retirement, Mr Loh explained that he felt he had earned enough money. Furthermore, he wanted to avoid the toll on his body outweighing the gains from the business.
At 50 years old, a friend told Mr Loh about a temple requiring funds for construction in Thailand. He reportedly donated S$100,000, the start of his philanthropic career.
In the decades since, Mr Loh has donated for temple construction, expansion of classrooms, and money and food for orphanages. He visited the places he helped in Vietnam, Cambodia, and Thailand.
Retiree to donate fortune to charity after passing
Mr Loh lived a frugal life despite his wealth. According to 8world News, he keeps a low profile in life and even flies economy class only.
He even claims that he could not remember the total amount he has contributed to charity.
Currently, Mr Loh donates half of his annual earnings to those in need. For five years straight from 2018, he donated S$500,000 each year to the Straits Times School Pocket Money Fund (STSPMF).
Source: The Straits Times School Pocket Money Fund
Last year, he made the news after donating S$3 million to six charities, ST noted. He also donated to Mr Goh Chok Tong’s Enable Fund.
Source: 8world News
Mr Loh plans to donate the rest of his S$20 million fortune to ten pre-designated charities upon his death. Having been in his will since he was in his 50s, the fortune currently exists as investments in bonds.
“If you have excess money, why would you keep holding on to it?” Mr Loh said.
As for his children, he believes they have enough to live an independent life. Nevertheless, he would leave some property to them and his wife after he passes.
Will donate S$300,000 to a medical institution on 15 Oct
The Singapore Chung Hwa Medical Institution invited Mr Loh as a guest of honour at their anniversary dinner this Sunday (15 Oct).
He will apparently be donating S$300,000 to the medical institution at the event.
Also read: Businessman Donates $100K For Boy’s Bone Marrow Transplant In S’pore, Personally Delivers Cheque
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Featured image adapted from 8world News.